Sunday, 15 March 2009

Pure subprime

I picked up this mortgage ad from Soot and Ashes. It is for subprime loans from the US lender Countrywide. Once the US housing crash took hold, Countrywide quickly ran into trouble and was eventually absorbed by Bank of America.

This ad screams out bank failure. Countrywide were happy giving out housing loans to people who were heavily in debt, who could not come up with deposits and who could not verify their incomes. That was the template for an exploding bad loans problem.

I despise with every bone in my body these sub-prime slime people who took out loans they couldn't afford: people are not only losing their careers and livelihoods because of their greedy behaviour, but many people are going to die in the developing world to keep some fat, black woman in a house in a ghetto. I will teach my children to remember and hate these people for the debt and disaster their brought to the world.